TIDMCON
RNS Number : 2136L
Connemara Mining Company plc
17 April 2018
17(th) April 2018
Connemara Mining Company plc
("Connemara" or the "Company")
Maiden Resource at Stonepark Zinc Project
Connemara Mining Company plc (LON: CON), the Irish gold and zinc
exploration company, is very pleased to to announce a maiden
Inferred Resource Estimate at its Stonepark Zinc Project located in
Limerick, Ireland. This independent estimate is NI43-101 compliant
and was conducted by CSA Global (UK) Ltd. ("CSA Global"), in
collaboration with SLR Consulting Ireland ("SLR"). Connemara's
joint venture partner, Group Eleven Resources Corp. ("Group
Eleven"), commissioned the work based on drilling conducted by Teck
Resources Limited from 2007 to 2011 (Connemara's previous joint
venture partner).
Highlights
-- Mineral Resource estimate of 5.3 million tonnes grading
11.15% Zn+Pb combined (8.55% zinc and 2.60% lead)
Resource Category Tonnes Grades Metal Content (pounds)
('000) Zn (%) Pb (%) Zn + Pb Zn Pb Zn + Pb
(%) ('000) ('000) ('000)
------- ------- ------- -------- -------- -------- ----------
Inferred 5,300 8.55 2.60 11.15 990,000 301,300 1,291,300
------- ------- ------- -------- -------- -------- ----------
Table: Mineral Resource category prepared in accordance with CIM
guidelines (additional notes below)
-- The deposit is relatively shallow deposit occurring at depths ranging from 190m to 395m;
-- The deposit consists of flat-lying, stratiform (1.0 to
>7.5m thick) lenses of mineralisation;
-- SLR and CSA Global comment that the mineralisation is open along and across strike;
-- Connemara holds 23.44% of the Project.
Patrick Cullen, Chief Executive Officer of Connemara, commented:
"This is a very exciting and important milestone for Connemara and
for joint venture partner, Group Eleven. The work underlies
Stonepark's status as an advanced project and as a key asset to the
Company. This maiden Mineral Resource demonstrates attractive
grades but is also significant in terms of tonnage.
"The Stonepark deposit was first discovered in 2007 by Connemara
and with Teck and activity has been low in recent years. It has
been very encouraging to see the work recommence in earnest with
Group Eleven's acquisition of Teck's share. Connemara continue to
support the joint venture and look forward to results from the
drilling currently underway at Stonepark North."
Stone Park Zinc Project
The Stonepark Zinc Project is a joint venture between Group
Eleven (76.56% interest) and Connemara (23.44% interest). Drilling
at Stonepark has recently re-commenced to improve the understanding
of the structural controls on mineralisation. Subsequent drilling
will be based on results from initial drilling and regional
fieldwork.
Group Eleven, in joint venture with Connemara aim to determine
if exploration success at the adjacent Pallas Green Project (owned
by Glencore plc and hosting a JORC 2012-compliant Inferred Mineral
Resource Estimate of 44 million tonnes grading at 8.0% Zn&Pb as
at 31-Dec-2016) can be replicated within the same Waulsortian
Limestone Units located within adjoining areas. Group Eleven aims
to expand all three established mineralised zones (Stonepark,
Stonepark North, and Stonepark West; drilled by Teck Resources Ltd
between 2007 and 2011), test five existing regional prospects and
re-examine the entire Limerick Basin to ascertain potential for
carbonate replacement deposit type mineralisation, as well as, seek
large regional feeder structures and corridors. The Limerick Basin
underlies the Stonepark joint venture as well as Group Eleven's
contiguous PG West Property.
Group Eleven's announcement which contains further comprehensive
details, tables and map are available on the Connemara website at
www.connemaramc.com/stonepark-zinc/
Further Notes:
-- Classification of the MRE was completed based on the
guidelines presented by Canadian Institute for Mining (CIM),
adopted for Technical reports which adhere to the regulations
defined in Canadian National Instrument 43-101 (NI 43-101).
-- Effective date as at 15 March, 2018.
-- The estimation method used was 'ordinary kriging'.
-- Inferred Mineral Resources are at 4.5% zinc equivalent cut-off grade.
-- Zinc Equivalent (ZnEq) = (NSRPb+NSRZn+Mc+Pc)/(RZn*PZn*(PrZn-ScZn)-RZn*PZn*PrZn*(RoyZn/100))
-- ZnEq cut-off grade (calculated from Net Smelter Return) using the following parameters:
o Zinc price of US$3,284/t, recovery 88%; Lead price of
US$2,425/t, recovery 80%
o Concentrate grade 14.2% zinc, 4% lead
o Processing cost of US$21.25/t; Mining cost of US$46.50/t;
Treatment charges of US$1.00/t of concentrates
o Payable zinc 85%, lead 96%, with selling cost zinc US$1,162/t
metal and lead US$796/t metal
o Royalty of 4.5%
-- The Mineral Resource estimates are not considered to be
materially affected by any known environmental, permitting, legal,
title, taxation, socio-economic, marketing or political,
factors.
-- Average silver grade for the Inferred Mineral Resource is 1.97 g/t.
-- The Inferred Mineral Resource classification is based on
geology, trends in mineralisation, drilling spacing, estimation
search pass number and number of samples, and zinc equivalent
grade.
-- Tonnages and metal are rounded to the nearest 100,000 to reflect this as an estimate.
-- Average In Situ Dry Bulk Density for mineralised material is
3.24 t/m3, based on available data.
-- Mineralisation wireframes were constructed using a minimum
true thickness of 2.0 m, at 2% Zn+Pb natural cut-off.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
This announcement has been reviewed and approved by Gavin
Berkenheger (CGeol) in his capacity as the Qualified Person for the
purposes of the AIM Guidance Note for Mining, Oil and Gas Companies
issued by the London Stock Exchange.
INFORMATION FOR EDITORS
Connemara is a diversified exploration company with principal
assets in gold and zinc exploration licences across Ireland.
Connemara currently holds interests in a total of 41 licences,
including joint ventures with Teck at the Oldcastle Zinc Project
and with Group Eleven Resources Corp at the Stonepark Zinc
Project.
Further information can be sourced from the Company website:
www.connemaramc.com
ENDS
Enquiries:
Connemara Mining Company Plc
John Teeling, Chairman +353 (0) 1 833 2833
+353 (0) 87 272 1748
Patrick Cullen, CEO +44 (0) 7552 378 208
Northland Capital Partners
Limited
Matthew Johnson / Dugald J.
Carlean +44 (0) 20 3861 6625
John Howes
First Equity Limited
Jason Robertson +44 (0) 20 7374 2212
Blytheweigh +44 (0) 20 7138 3204
Nick Elwes +44 (0) 7831 851 855
Simon Woods +44 (0) 7466 439 633
Teneo PSG
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS
The company news service from the London Stock Exchange
END
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